Mari Minerals, a subsidiary of Mari Energies, has significantly expanded its copper and gold mining portfolio by acquiring an 87.5% interest in mineral exploration licenses in Chagai, Balochistan. This development was announced in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

The company, formerly known as Mari Petroleum Company Limited, has entered into a definitive agreement with Sanjrani Mining Company (Pvt) Limited (SMC) to acquire the interest and operatorship of licenses covering a 40 square kilometer area. This acquisition is pending requisite approvals.

Mari Energies highlighted that this move aligns with its diversification strategy, focusing on copper and gold exploration. A new project company will be established to conduct exploration activities once all regulatory and corporate approvals are secured.

In addition to this acquisition, Mari Energies recently acquired a 5% stake in Kohesultan Mining Company Limited (KMCL), which is involved in the Siahdiq Copper Project in Chagai. KMCL is a joint venture between SMC and MCC Tongsin Resources Ltd (MCCT).

Mari Energies Limited, incorporated in Pakistan in 1984, is primarily engaged in the exploration, production, and sale of hydrocarbons.